The two ways to continue earning this high rate are:.
Even better: Deposits are FDIC insured. However, this online bank launched strong with a High Yield Online Savings account offering 2. You can fund the account via ACH. There are a few limitations to keep in mind: Citizens Access is the online division of Citizens Bank. This division was recently created to provide the best savings rates to consumers.
Luckily, their website is mobile-friendly. The only fee associated with this account is as a result of making more than six transactions per month. While HSBC Direct may sound like a new player to the online banking game, this division was actually around prior to the financial crisis and offered extremely competitive rates. After the financial crisis, the bank renamed the online division to HSBC Advance and slowly started to decrease its online savings account rates, much like other online banks were doing around that time.
Fortunately, HSBC has decided to reenter the online banking space. You may fund the account via ACH transfer and the account can be opened online. This account does not come with an ATM card.
In order to access your money, you would need to transfer funds to and from an existing checking account via an ACH transfer, which can take a few days. Your deposits are FDIC insured. Popular Direct has a mobile banking app and provides account holders with access to online banking.
Salem has been around for more than years and all deposits are insured by the FDIC up to the legal limit. However, they do have a few limitations to be aware of. Second, account holders are limited to six withdrawals per statement cycle due to Federal Regulations.
Banks with the best 6 month CD rates
Finally, the web and mobile experiences are not great. But, if you give them a call which we have done , you will get friendly service from a community bank. While this bank does offer one of the best rates for an online savings account, we want you to be aware of their limitations. Initially, the credit union only served employees of IBM, but today the credit union serves anyone who is a member of or willing to join certain associations or charitable organizations such as the American Consumer Council. Other ways to join include living, working, or worshiping in a qualifying location, being related to an existing member, being an employee of certain participating companies, or being affiliated with Columbia University or Manhattanville College.
This account is currently earning 2. You can earn an APY of 6. It is a credit union — and your deposits are insured by the NCUA up to the legal limit. Take a moment to calculate how much you could earn using our free saving account comparison tool. If you are willing to lock your money into a longer term, consider a certificate of deposit.
You can find the best CD rates here. Your money deserves more than 0. You can learn more about how our site is financed here. The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear.
MagnifyMoney does not include all financial institutions or all products offered available in the marketplace. LaTisha Styles is a writer at MagnifyMoney. You can email LaTisha at LaTisha magnifymoney. Interest Rates , online banking , online savings account , Savings Account. Recommended by. Gabby Hyman is a long-time writer and freelancer whose work has appeared on LendingTree.
Short-term certificate of deposit CD accounts offer investors a safe opportunity to squirrel away money for a future expense. Using information from DepositAccounts. If there was a tie, we chose the institution with the smaller minimum-deposit requirement. We pulled these rates on February 11, , and we excluded promotional offerings. These options outperform that average by a long shot. You may also want to view our picks for the overall best CD rates.
Where to open CD account: Online paperless account options Minimum balance to open: Popular Direct is an online bank that services customers in the U. They currently have some of the most competitive rates in the market — not only in their CD products, but with their savings account as well.
Online Minimum balance to open: A subsidiary of First Internet Bancorp, this online bank founded in has no branch locations, but offers service online in all 50 states. While their initial focus was to help small businesses acquire funding, they now help all individuals through personal banking.
Best High Yield Savings Accounts – up to 5% APY
Interior Federal Credit Union was established in with the intention to promote financial wellness. Today, the credit union serves U. Not that traditional banks are racing to raise their own rates in response. For example, Ally Bank offers 2. If you want to keep tabs on the lowest rate, check out this tool below that includes a list of banks and displays daily rate updates for all the best savings accounts. Starting your searches with the online tool above will help you get the lay of the rate land at any given time.
Rates change all the time, so interest rate is only one factor to consider — but it is a good starting point. We took some of the best high-yield savings accounts and analyzed all of their other features to compile this guide. With it, you should be able to find the best savings account for your needs. Learn more at Ally Bank. Their savings account currently yields 2. With Ally Bank, you can deposit checks with the mobile app by taking a picture and link to any number of external accounts to move money around easily. All of these features come with no minimum deposit and no monthly fee.
With Capital One , you have access to savings, checking, CDs, mortgages, and investment accounts. Additionally, Capital One offers auto loans and credit cards. You can get into more detail by reading our Capital One Review. In addition to fee-free savings, Capital One offers an array of online and mobile banking services and tools that can help you keep an eye on your money. However, their 1. Deposit products are offered in the U. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review.
Please refer to issuer website and application for the most current information. We may be paid for the content on this site. Learn More at Synchrony. The Synchrony online savings account offers one of the highest yields in the nation at 2. OptimizerPlus rewards long-term customers with perks on travel discounts, ATM fee reimbursements, and special rate offers. Learn More at Barclays. Barclays is a relative newcomer to the U. Their savings account rate is currently one of the best in the nation, at 2. Even with no monthly fee and high rates, Barclays manages some great online banking features like online transfer, external account linking, and remote deposit using your smartphone or home computer scanner.
Best Savings Account for | The Simple Dollar
Currently, their industry best 2. Want some more information? Read our full review of American Express Bank. Ally Bank offers another well rated online savings account, currently offering 2. This bank offers no monthly fees, checking accounts if you want to keep all of your banking at the same place, as well as mobile check deposits from your phone right to your savings account.
Because the bank also offers checking accounts, you can get an ATM card for your account and use it for free at a large network of ATMs. Thanks to great interest rates, easy transfers and a well-built website, Ally is a good choice for all of your banking needs, including high yield checking. The current interest rate is 1. The fee-free account has no minimum balance and is a mostly online-only bank, though Capital One does have a few locations in big cities throughout the country. Capital One offers high yield checking in addition to savings, which means you can get a debit card and do all of your banking under one roof if you use this account.
You can also freely transfer funds to and from any other linked bank account in the United States, which is the norm for all banks on this list. One cool feature is the ability to open up to 25 savings account per account holder. This means you can set up automatic transfers to your travel fund, wedding fund, kids' college fund or any other savings goal. Goldman Sachs is a Wall Street powerhouse and is a newer entrant to consumer banking. Its bank goes by the name Marcus By Goldman Sachs. Marcus has an online savings account with 2. The account is simple with no frills and no fees.